You may have heard about mortgage fraud before, but may not understand how it relates to Oklahoma City real estate. Mortgage fraud is growing at an alarming rate and the more you know about this type of fraud, the better you will be at avoiding it.

Mortgage fraud involves criminal actions that misrepresent or omit vital information on a home loan application in order to secure a larger loan. It can be done by an individual or by a group of organized criminals in Oklahoma City.

Trends like economic and social changes can affect the spike of mortgage fraud in Oklahoma City real estate. Customers are looking for quick approvals on their mortgage applications and banks and other financial institutions are feeling this pressure. Also, banks are constantly competing with one another for mortgage customers as the rates change and more appealing features are being offered.

How mortgage fraud occurs

Sometimes a criminal will arrange to have an imposter pretend to be a spouse or a co-signer on the Oklahoma City home loan. In sophisticated crime rings, this imposter may owe money to the ring and is being forced into this compromising situation. The fraudster will be carrying ID belonging to the individual being represented.

Another type of mortgage fraud involves using the identity of a homeowner that has their debt paid of or has secured debt. The criminal will pretend to be the homeowner and use the positive credit history to secure a loan. In this case there has been identity theft that the victim is not usually aware of until it is too late.

Other types of mortgage fraud include:

• Misrepresentation of credit, income, assets or a down payment.
• False appraisals.
• Skimming of equity.

Mortgage fraud is on the rise across the country and the best thing that you can do is keep yourself safe from identity theft. The easiest way to do this is to keep all of your financial information safe by only using credit or debit cards at reputable Internet sites or retail stores and by always covering your PIN. Mortgage fraud affects anyone that is involved in Oklahoma City real estate. As this type of crime increases, it makes it more difficult and a longer process for hard-working citizens to get the home loan that they deserve.

There are a few reasons why an Oklahoma City home won’t sell as fast as anticipated, and if you know about them before putting your house up for sale, you’ll be much better off. You’ll be able to put things in place properly to get a faster sale by avoiding the following.

1. House is dirty or cluttered

You may have a very hectic lifestyle and may not be able to keep up with the housework as much as you’d like. It is critical to have your house spic and span as well as tidy when it is being sold. If you are planning on putting your house up on the Oklahoma City market in the near future, you should hire a housecleaning service and a company that can help you organize your clutter. This is a small price to pay to make your house better prepared for a sale.

While you may be thinking that buyers should be able to see through the clutter and dirt and view the house on its own merits, it really doesn’t work that way. First impressions are lasting and even if they love your Oklahoma City home, they may withdraw simply because of the home’s messy appearance.

2. Maintenance not kept up

There are little things that will get the attention of buyers when they are walking through your home that will irritate them enough to back off from putting in an offer. Simple things like a crack in the wall, broken flooring, doors that open properly and cupboards that are hard to maneuver should be fixed before any viewings. There are handymen in Oklahoma City that are available to help you with these little things at very affordable prices. You can find their names in classified ads in your local newspaper or on the Internet. If you have a list of things that need to get done and hire a handyman for a full day, it really won’t cost much at all.

3. Bad atmosphere

Every Oklahoma City home emits its own atmosphere and there can either be a positive or negative flow in the house. Things that will contribute to negativity include bad odors, an empty appearance with little furniture and nothing on the walls, low lighting and curtains drawn, loud pounding music etc. Anything you can do to make your home appear happy and peaceful instead of drawn and droopy will help sell your home in the fastest way possible.

If you have received a call from your agent and need to get ready for a viewing, do a quick tidy up and make the home as positive as you can by setting the mood yourself. The better the mood in your Oklahoma City home, the more likely the house will sell fast.

When you are ready to commit to an Oklahoma City real estate transaction, you have to read over all of the documents closely and carefully. There may be some clauses included that you were not aware of. If you skim over the document you may miss something vitally important about the terms of the sale or the house itself.

One of the forms that you will be required to sign is the contract to sell. It is a legal document that includes the names and personal information of both parties.

Within the contract to sell, information is included about the Oklahoma City property. This information should be listed in detail and should include any current damage to the property and any potential problems that may arise in the future. You should always totally comprehend everything in the contract and make sure that the house was given a full inspection.

If there are any hazardous materials on the property it is the seller’s obligation to make the buyer aware of them. Unsafe conditions may result in your insurance denying proper coverage.

Any terms or conditions that either party wishes to include in the deal must be written in the contract to sell. Payment conditions and potential penalties will also be included when preparing this document. Penalties may be issued when a payment bounces, is missed or is not made in full. You need to be aware of what these penalties are. Should both parties agree that a post-dated bank draft can be written as security for a partial or full payment, any penalties regarding them must also be included in the contract.

When you are closing an Oklahoma City real estate deal you must always read through the documents before signing and fully understand the terms and conditions. If you do not understand any of the terminology used, it is your responsibility to get these words defined. You cannot claim ignorance once the papers have been signed.

Many first time homebuyers will rush into an Oklahoma City real estate agreement without thinking things through and this can end up being disastrous. Without properly assessing the residence or property first you could lose a significant amount of money. It is very common to see homebuyers simply fall in love with a house and purchase it without getting it properly inspected. In some cases the new homeowner may end up being stuck with a house that is beautiful on the outside but failing apart behind the walls.

Here are some of the other common mistakes that many buyers make when purchasing a new Oklahoma City home.

Not finding the right mortgage

Having the right financial institution to back you up financially can save you thousands of dollars over the course of years of payments. Most Oklahoma City homebuyers do not have the means to make a purchase on their own, which means that they will have to obtain a mortgage and pay it off over a certain number of years with interest. Never take the first mortgage offer you encounter. Always compare mortgages and consider using a mortgage broker. He will do the comparison shopping for you and in many cases find a deal you may have missed otherwise.

Failure to get the home inspected

This can be a very big mistake for first time and experienced homebuyers alike. Home inspections will reveal the good and the bad aspects of the house. You have to know the state of the Oklahoma City home before putting any money down. There is always the chance that there is underlying structural damage.

Property taxes

You need to learn about the property taxes you are going to have to pay once you own the home. There are a lot of costs involved in owning and maintaining a home and Oklahoma City property tax is one of them. You’ll need to make sure that your budget can accommodate these extras.

These are the common mistakes many people make when searching for Oklahoma City real estate. Take the time to learn about your taxes, get a home inspection done and shop around for the best mortgage. All of these things can end up saving you thousands of dollars in the long run.

An Oklahoma City house with a chimney is almost a necessity for some people. A chimney can help reduce the heating bill and can be very enjoyable. Many people like to relax in front of a warm fire in the comfort of their own living room. Keep in mind, however, that chimneys are not maintenance-free. They require regular cleaning because the wood and paper that you burn release chemicals and soot that can build up in the walls of your chimney.

Having a clean chimney is not an option; it is critical. Many chimney fires have started and destroyed entire houses because of a homeowner’s lack of maintenance. With chemical residue and soot building up on the walls of your chimney it is important to have it cleaned.

You may either try to do it yourself or contact a professional to do it for you. Doing it on your own may save you money in the long run, but the tools needed are quite extensive and can be very costly. Also the job is quite dangerous and can have long-term harmful affects on your eyes and respiratory system. Contacting a professional Oklahoma City chimney cleaner may be the better option if you do not have the motivation or willingness to tackle the hard and dirty job on your own.

When you are looking to buy an Oklahoma City house with a chimney, always remember that a fireplace is a beautiful and attractive feature but it also requires work. You must have your chimney cleaned on a regular basis. If a chimney fire should occur due to your failure to maintain the cleanliness of your chimney you may be held liable for all the damages. Your insurance may not cover it if damage is due to negligence.

An Oklahoma City house with a chimney and fireplace can be very rewarding as long as the upkeep and maintenance is regular and done properly. A few different techniques used for cleaning chimneys include doing it from the bottom up, doing it from the roof down, using a dual line with two people or a completely different method using weights.

Depending on the house you are looking to buy you may be better off using one method over another. For houses with hard to access roofs or steep slopes it may be best not to attempt to climb the roof. Other options should be looked at in this case based on safety reasons.

Shopping for a home can be quite fun and exciting. Owning a home can be even better. When you are looking for your ideal house in Oklahoma City do not overlook your the cost of cleaning the chimney regularly over the years. Without the proper cleaning and without a stainless steel chimney lining, the house can be in severe risk of damage.

Never purchase a house without knowing the state of the chimney and how old it is. Older chimneys usually do not have steel linings to protect the bricks and mortar holding them together. If you purchase a house that has no chimney liner, you may end up footing the bill for damage that occurred as a result of chemical build-up in and around the bricks and mortar, causing them to deteriorate.

Before signing the final papers for your purchase you should contact an Oklahoma City professional chimney inspector to survey the chimney and around it to ensure that everything is safe. Be aware that cracks in the mortar and brick surrounding chimneys with no liners can allow sparks and carbon monoxide to escape into your attic potentially causing a fire or putting your life at risk.

An Oklahoma City house with a chimney may seem very exciting and appealing on the outside, but you need to have it inspected to ensure that it is in safe working condition. Also, you should be aware of the costs of cleaning your chimney as well as the potential dangers involved in the cleaning process.

Many people love the feel and the warmth that only an Oklahoma City house with a fireplace can give. For them, it is worth the small cost of regular cleaning. As long as the chimney is in good shape at the time of sale, and you are willing to maintain it, there should be no problem purchasing an Oklahoma City house with a chimney.

There is a direct link between your credit card and your Oklahoma City mortgage and it does not have to do with using your credit card with a 30% rate of interest to purchase your new home. The link between your card and your mortgage lies in your credit rating. If your credit is out of whack you are not going to be able to qualify for a mortgage. If you want to buy a house and get approved for a home loan you need to make sure that your credit card bill payments reflect responsible credit ownership so that the lenders consider you a good risk.

Credit card problems

If you have any credit card problems at all these will be reported to the credit agencies. Just by paying one payment late on your credit card bill reflects badly on your credit history. Any time you make a late payment it shows up as a black mark on your credit file and too many of these marks will influence your ability to get an Oklahoma City mortgage.

Always make your credit card payments on time. By doing so, lenders will look at you as a responsible cardholder that knows how to handle credit. When you apply for a mortgage, your credit file will be pulled and these things will be assessed. Having a good credit history is one of the most essential components of being approved for a mortgage.

Purchasing with your credit card

Another thing that will be accessed when you apply for a mortgage is how much credit you have available. If you are thinking about purchasing a large screen TV with all the bells and whistles and using up the credit left on your card, it is best to do so after you have purchased your house. The lender wants to see that you have available credit.

Applying for new cards

Don’t apply for any new credit cards when you want to get an Oklahoma City mortgage. You need to assume the position of not needing any extra credit at the time. Applying for too much credit at the same time will appear desperate to many lenders.

When you are applying for an Oklahoma City mortgage it is best to lay low with your credit and don’t do anything that will possibly raise any red flags. Make sure that you make all of your payments on time on your credit card, don’t apply for any extra credit and don’t make any big purchases. These steps will help you when you are trying to get approved for a new mortgage. yment for expenses related to moving to the new property, appliances etc.

It is important to understand the language used in real estate and what different terms mean, whether you are thinking of buying or selling an Oklahoma City property. The terms used in real estate are relatively easy for the most part, but there a few words you may not have heard before. Below are some commonly used terms and their definitions to help you better understand what your real estate agent is talking about.

Multiple Listing Services ®

This is a database that is shared amongst real estate agents that lists different properties that are up for sale. This data can only be accessed by the member agents, who are then able to show it to the general public.

Title Insurance Policy

A title insurance policy is set in place by the borrower to protect the lender from any future claims on a property.

Contingency

These refer to certain clauses of the purchase agreement that must be fulfilled before the agreement becomes legally binding. Examples include repairs to be made or a professional inspection to be carried out.

Principle Interest Taxes and Insurance

This relates to a mortgage where the principle is the amount borrowed on which the bank charges interest. Taxes and insurance are paid every month for the property that has been mortgaged.

Closing Costs

These refer to the total costs accrued when Oklahoma City property is purchased. They include mortgages, lawyer’s fees, insurance, taxes, commissions charged etc.

Concessions

When a sale is getting closer to being realized, the seller can give benefits called concessions to the buyer to help close the deal. These benefits include repairs and improvements on the Oklahoma City property, low repayment terms for the first few months, payment for expenses related to moving to the new property, appliances etc.

Comparative Market Analysis

These are reports that compare different properties in the market that are on sale or have just been sold in terms of prices and features.

Appreciation

This term refers to increases in property value due to improvements being made on it, inflation, forces of demand and supply etc.

It is important to understand these terms when considering making a purchase. You will understand the negotiations and the legal documents better when you have this information, which gives you more control over the sale of the Oklahoma City house itself.

When you first walk into model homes in Oklahoma City it is easy to fall in love with the home. Everything has been professionally decorated so that you see the home’s true potential and fall into the trap. You may decide to purchase a developer’s home based on a model that has upscale furniture and designs that you could never afford. Furthermore, after looking at some of the empty houses, you may decide to purchase the model itself. In many cases this is not a wise decision to make.

A model home is described as a deluxe home in a development. A deluxe home is first built by a developer to entice potential buyers to invest in other similar homes that are yet to be built. A deluxe home is supposed to showcase how the rest of the homes in that development will be when they are finished and fully furnished. This is often deceptive because your furniture will be completely different than those shown in the model and may actually clash with the design of the home and the colors.

The model home will smell good and look good and feel just great. You’ll think about purchasing one of these model homes in Oklahoma City based on its newness. The thing that you may not completely realize is the home is essentially already used. Dozens of people have visited the home, walked around it, tried out different things like the heating and cooling system, the bathroom, opened all the cupboards numerous times and may have even scraped the walls by accident.

You are much better off looking at a variety of homes before choosing a developer’s home based on the model you see. When you walk into an owner occupied home you’ll see the house as it really is with realistic furniture and people that love their house and have invested some time and sweat into it. While model homes in Oklahoma City may be quite tempting, it is always best to keep an open mind and look at all of the other real estate options in Oklahoma City.

Work with a real estate agent and tell him exactly what you’re looking for. You’ll be able to view some homes and then make a more objective opinion based on what you see. Don’t fall into the trap of model homes in Oklahoma City without first looking at everything else available. You may just be missing the house of your dreams by making a rash decision based on showmanship to sell some property.